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64% of Businesses Report Drop in Revenues. American Chamber of Commerce releases latest survey on Doing Business After COVID-19 Lockdown in Ukraine

64% of Businesses Report Drop in Revenues. American Chamber of Commerce releases latest survey on Doing Business After COVID-19 Lockdown in Ukraine

Kyiv, June 2, 2020

The American Chamber of Commerce in Ukraine, in partnership with AmCham member company Citi Ukraine, presents the results of its Survey Doing Business After COVID-19 Lockdown in Ukraine. The Survey was conducted among CEOs and top managers of AmCham member companies.

The Survey is aimed at understanding the impact of coronavirus on business, identify key concerns and ideas on Ukraine's reopening strategy that will help businesses and the economy at large.

COVID-19 hit revenues of Chamber member companies, number of employees, and investments. 64% of members saw a decrease in revenues; only 5% reported an increase. 80% of companies managed to retain all their employees, 18% have cut staff. 49% of companies plan to decrease investments in Ukraine.

The primary long-term concerns of the business community are economic and consumer recession (80%), political and macroeconomic stability (51%), inability to fulfill business plans (36%) and recurring COVID-19 outbreak (36%).

78% of AmCham members have their reopening strategy ready, and 44% plans to be back in the office in June-July 2020.

Companies highlighted that it is vital to keep people safe and reopen the economy in general, but be ready to localize potential outbreaks; continue bold reform agenda: ensure rule of law, strong legal and court system, fight against corruption, improve investors' and creditors' protection rights, put an end to oligarchic privileges and monopolies; fulfill the requirement of the IMF to get financial support on time; support and help SMEs: tax holidays, fiscal/inspection breaks; consider economic stimulus/incentives to spur investment and maintain employment.

The anticipated time when companies' revenues will return to "normal" differs, but the vast majority forecasts end of 2020-beginning of 2021 with 17% in Q3 2020, 24% in Q4 2020, an 16% in Q1 2021.

"The main focuses of companies' post-COVID-19 business strategies are digitalization and online services, returning to "business as usual", and retaining employees. 64% of members saw a decrease in revenues, but 80% of companies managed to retain all their employees. We will continue working with the Government to make the voice of business heard at the highest level and standing up for business to ensure that companies have all the support to operate, keep talents employed, and the economy running", commented Andy Hunder, President of the American Chamber of Commerce in Ukraine.

The American Chamber of Commerce in Ukraine represents more than 600 member organizations, the biggest investors and the largest multinationals operating in Ukraine. Since 1992, the Chamber has been delivering the voice of business in Ukraine.

For more information, please contact:

Yuliana Chyzhova
AmCham Ukraine Senior Communications Officer
ychyzhova@chamber.ua

The main focuses of companies' post-COVID-19 business strategies are digitalization and online services, returning to "business as usual", and retaining employees. 64% of members saw a decrease in revenues, but 80% of companies managed to retain all their employees. We will continue working with the Government to make the voice of business heard at the highest level and standing up for business to ensure that companies have all the support to operate, keep talents employed, and the economy running.

Andy Hunder President of the American Chamber of Commerce in Ukraine

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